Grant of employee share options

by polarcus on 28-Apr-11 09:03
The Board of Directors of Polarcus Limited (OAX: PLCS) has on 27 April 2011 awarded certain employees share options according to the Company's share option scheme for employees approved in the Annual General Meeting of the Company on 27 April 2010.
 
The awarded share options have the following vesting time and
exercise price:
 
  • 1/3 of the share options after one year with exercise price of NOK 7.769, being the volume weighted average price for which the Polarcus shares have been traded at Oslo Stock Exchange in the period of 30 trading days prior to 27 April 2011, plus 10%;
     
  • 1/3 of the share options after two years with exercise price of NOK 7.769, being the volume weighted average price for which the Polarcus shares have been traded at Oslo Stock Exchange in the period of 30 trading days prior to 27 April 2011, plus 20%;

  • 1/3 of the share options after three years with exercise price of NOK 7.769, being the volume weighted average price for which the Polarcus shares have been traded at Oslo Stock Exchange in the period of 30 trading days prior to 27 April 2011, plus 30%.
 
All share options must be exercised latest six years after the award or they will lapse.
 
A number of employees awarded share options are Primary Insiders of Polarcus Limited. The share options awarded to the Primary Insiders and their new holdings are detailed below:
 
Rolf Ronningen, Chief Executive Officer; awarded 100,000 new share options. Following the award, he holds 290,000 options under the 2008 share option scheme; 642,600 options under the 2010 share option scheme; 823,800 shares; and 375,000 warrants.
 
Carl-Peter Zickerman, EVP & Head of Strategic Investments; awarded 100,000 new share options. Following the award he holds 190,000 options under the 2008 share option scheme; 483,700 options under the 2010 share option scheme; 22,840,201 shares; and 7,500,000 warrants.
 
Tom Henrik Sundby, Chief Financial Officer; awarded 100,000 new share options. Following the award he holds 190,000 options under the 2008 share option scheme; 390,700 options under the 2010 share option scheme; 225,000 shares; and 175,000 warrants.
 
Eirin Martha Inderberg, General Counsel; awarded 100,000 new share options. Following the award she holds 190,000 options under the 2008 share option scheme; 459,500 options under the 2010 share option scheme; 540,000 shares; and 500,000 warrants.
 
Paul Lionel Hanna, SVP Human Resources; awarded 100,000 new share options. Following the award he holds 190,000 under the 2008 share option scheme; 439,100 options under the 2010 share option scheme; 774,000 shares; and 375,000 warrants.
 
Christian Fenwick, SVP Corporate Marketing & Multi-Client; awarded 100,000 new share options. Following the award he holds 190,000 options under the 2008 share option scheme; 439,100 options under the 2010 share option scheme; 346,000 shares; and 225,000 warrants.
 
Christopher Griffin, VP EHS&Q; awarded 100,000 new share options. Following the award he holds 165,000 options under the 2008 share option scheme; 222,100 options under the 2010 share option scheme; 570,000 shares; and 375,000 warrants.
 
Trygve Sandvik Reksten, SVP Sales & Marketing; awarded 100,000 new share options. Following the award he holds 190,000 options under the 2008 share option scheme; 313,200 options under the 2010 share option scheme; 200,000 shares; and 200,000 warrants.
 
Magnus Oberg, VP Information Technology; awarded 100,000 new share options. Following the award he holds 165,000 options under the 2008 share option scheme; 245,300 options under the 2010 share option scheme; 250,000 shares; and 250,000 warrants.
 
Hans-Peter Sigvard Burlid, Group Controller; awarded 100,000 new share options. Following the award he holds 165,000 options under the 2008 share option scheme; 303,500 options under the 2010 share option scheme; 375,000 shares; and 375,000 warrants.
 
Muhammed Riyaz, Accounting Manager; awarded 16,000 new share options. Following the award he holds 50,000 options under the 2008 share option scheme; 53,800 options under the 2010 share option scheme; 0 shares; and 0 warrants.
 
Duncan Alexander Eley, SVP Marine Acquisition; awarded 100,000 new share options. Following the award he holds 40,000 options under the 2008 share option scheme; 187,200 options under the 2010 share option scheme; 0 shares; and 0 warrants.
 
Philip Michael Fontana, Chief Geophysicist; awarded 100,000 new share options. Following the award he holds 60,000 options under the 2008 share option scheme; 274,400 options under the 2010 share option scheme: 50,000 shares; and 0 warrants.
 
Contacts
 
Rolf Ronningen, CEO Polarcus, +971 4 436 0800 / +971 50 459 6982
Tom Henrik Sundby, CFO Polarcus, +971 4 436 0800 / +971 50 708 6480
 
About Polarcus
 
Polarcus (OAX: PLCS) is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 400 professionals. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit www.polarcus.com
 
 
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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